Acquisition

Slough Estates PLC
21 December 2005



                  SLOUGH ESTATES LIGHT INDUSTRIAL ACQUISITION
                        IN LA COURNEUVE, NORTH OF PARIS

Slough Estates International ('SEI') has entered into a sale and leaseback
transaction to acquire the headquarters of Alstom Power (part of the French
industrial group Alstom) in La Courneuve, Ile de France, immediately to the
north of Paris for €24.5M, net of acquisition costs.

The 10.9ha property provides 53,000m(2) of office and light industrial
accommodation which Alstom have leased back for a 9 year fixed term at an annual
rent of €1.4M. Included in the sale is a 4.4ha prime industrial site with
substantial frontage onto the A86 motorway (the second Paris ring road) - this
represents a development opportunity for the provision of new light industrial
accommodation.

The sale and leaseback element of the transaction reflects a net initial yield
of 7.5% excluding the development site as at market value.

SEI's Managing Director in Europe, Walter Hens, said

'This acquisition not only guarantees a solid return from the leaseback element
of the property but also provides the opportunity to develop one of the only
sites with prominent frontage onto the A86. We strongly believe in the future
development of the light industrial market to the north of Paris and through
acquiring this well located income producing land bank we ensure that our future
development pipeline complements our existing developments.'

The transaction reinforces Slough Estates International as a major investor and
developer in the Parisian industrial market and complements the existing
development pipeline in the Northern Paris market. La Courneuve is an important
part of the 'friche industrielle' (industrial tissue) which spreads between
Northern Paris and Charles de Gaulle Airport and includes a number of business
parks.

-ends-

For further information please contact:

Slough Estates                    The Maitland Consultancy
Michael Waring                    Colin Browne
Tel: [phone]                 Tel: [phone]


Notes to editors

Slough Estates

www.sloughestates.com

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1500 customers occupying
approximately 3m square metres of business space. Slough Estates' properties are
in suburban locations in close proximity to the main business centres, where
there is long term demand for business accommodation to serve these key economic
regions. The company's main activities are currently based around London,
Brussels, Paris, Dusseldorf, Amsterdam, San Francisco and San Diego and the
company continues to develop new business parks with the long term objective of
building shareholder value and enhancing its reputation for quality buildings
offering excellent value to customers. www.sloughestates.com

At its interim results this year Slough Estates highlighted increased
development starts in Europe with 5,509 sq m completed in H1, 64,029 sq m under
construction at the end of the first half of 2005 and with 56,112 sq m of
possible starts in the second half of 2005.

SEI's main interests in Continental Europe are in Brussels, Paris and Amsterdam.
SEI's investment assets in Belgium and France were valued at £186m and £107m as
at the time of its 2005 interim results. During 2005 SEI acquired a majority
shareholding in Dutch based Mainland JV - including a development pipeline of
130,000 m2. In November this year the JV partners subsequently bought a major
site close to Schiphol airport for €16.5m, providing a further 100,000 m2
development opportunity.




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